Automation in financial reporting: A conceptual framework for efficiency and accuracy in U.S. corporations

Abstract

This paper reviews the role of automation in financial reporting within U.S. corporations, focusing on how advanced technologies such as artificial intelligence (AI), robotic process automation (RPA), and cloud-based systems are transforming traditional financial processes. By automating routine tasks, these technologies offer significant improvements in efficiency, accuracy, and scalability. The paper highlights key challenges, including system integration, data security, and regulatory compliance, while also discussing strategies for successful implementation, such as establishing strong technological infrastructures, ensuring data integrity, and fostering organizational readiness. Best practices for maximizing the benefits of automation are explored, emphasizing the need for continuous improvement and alignment with business objectives. Recommendations are provided for corporations looking to adopt or enhance automation in financial reporting, with a focus on strategic planning, employee training, and maintaining compliance with financial regulations.